PM asks for more efforts to stablise macroeconomy, control inflation

Prime Minister Pham Minh Chinh has emphasised the need to strengthen the capacity for analysis, forecasting as a tool to help control inflation, stablise macro-economy, and ensure major balances of the economy, contributing to accelerating economic recovery and sustainable development.

Chairing a July 30 meeting with leaders of ministries, sectors, central agencies, experts, scientists and experts from international organisations in Vietnam on measure s to maintain macroeconomic stability, and control inflation, the PM stressed that attention must be paid to implementing monetary policy prudently, flexibly, and effectively in a timely manner in close coordination with fiscal policy and other policies.

Policy tools need to be adjusted appropriately to both promote socio-economic recovery and development, and contribute to controlling inflation , stabilising the macro-economy, ensuring national financial safety.

Focal issues in the coming time are accelerating public investment, ensuring social security market and price control, human resources development and strategic infrastructure, he pointed out.

The PM also emphasised that more attention should be paid to fighting corruption and negative phenomena; and strengthening objective, transparent, honest and timely communication activities regarding the issue. He assigned the Ministry of Planning and Investment to expeditiously collect comments and complete relevant reports and documents to submit to the Government and authorised agencies.

According to reports at the event, despite facing many difficulties and challenges, Vietnam basically maintained a reasonable economic growth with GDP in the first half of this year being estimated to increase by 6.42% year-on-year, much higher than the expected scenario.

The country’s macroeconomic was stablised, inflation well controlled and major economic balances ensured. Economists agreed with the Government's view in general and in implementing of the economic recovery and development programme in particular, which prioritises using fiscal policy to support monetary policy.

Ha Thi Kim Nga, senior economist at the International Monetary Fund in Vietnam, said Vietnam has well implemented inflation control. However, it still needs to stay prudent against inflation risks because of complicated developments in the world market